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To: maceng2 who wrote (692)	1/4/2005 6:34:02 PM
From: maceng2	Respond to of 1417

UPDATE 1-World Bank's Wolfensohn informs board he will leave Tue Jan 4, 2005 12:15 PM ET reuters.com WASHINGTON, Jan 4 (Reuters) - World Bank President James Wolfensohn has formally told the bank's board of shareholder governments he will retire on May 31 after 10 years as head of the global lender, European sources said on Tuesday. In an email read to Reuters, Wolfensohn told the board on Monday: "I would like to retire at the end of my term and would suggest the board seek a new president for the institution as I would not wish to be considered for a third term." In the note addressed to the Dean of the Board, Yahya Al-Yahya of Saudi Arabia, Wolfensohn said: "It has been a true privilege to serve the institution. I will be forever grateful for the opportunity and cannot imagine working with a finer group of colleagues." The European sources said the United States, which by informal agreement picks the head of the World Bank, had indicated it would consult with all shareholders on a new president. The sources said no successors had been put forward. Among those rumored as potential candidates is United States Trade Representative Robert Zoellick, who has refused to say whether he would step down from his current job. Others include John Taylor, Treasury's undersecretary for international affairs; Randall Tobias, the administration's global AIDS coordinator and Christine Todd Whitman, the former director of the Environmental Protection Agency. Wolfensohn's planned departure comes as no surprise and World Bank insiders said he would be missed. "Mr Wolfensohn is such a huge personality that when he says he's leaving people feel bewildered," one bank staffer said. A Clinton appointee and former Wall Street investment banker, Wolfensohn said last year he would wait until after the U.S. elections in November 2004 to decide whether to run again. With the reelection of President George W. Bush, speculation in Washington and in the development community heightened that the administration wanted its own World Bank head. Wolfensohn's relationship with the Bush Treasury has been strained, especially over accountability of lending to the developing world. Wolfensohn, a naturalized U.S citizen from Australia, has been credited with emphasizing the plight of the poor, pushing for increased debt relief for developing nations, and for tackling corruption over bank funds. Colin Powell, who will soon quit as secretary of state, has been mentioned as a prospective candidate but has not expressed strong interest. The European sources said shareholders wanted to avoid a selection process along political lines, and hoped the head of the bank would be chosen based on the candidate's qualifications. ========================================================== /edit the World Bank is one of pearlies hot hot questions.. Message 20886978